I got my heart shaped diamond! But I need more advice...

[flagenta]

I finally got my ring, I am so excited! But now I have a new batch of questions...

I got a certificate for my ring from the Gemological Appraisal Laboratory of America. I''ve never heard of them, but the appraiser said they were 4th largest private appraiser or something like that. Does anyone know anything about them? Is my certificate worthless?

Also, my boyfriend paid $7,000 for my engagement ring. It''s suppose to retail for $9,000. It''s a 2.14 carat heart shaped center stone of SI2 clarity and I color. The measurements are 8.10*9.30*4.59 and it has 56.6% depth. It''s set in platinum with approximatley .45 carats of side stones of slightly better quality. Did my boyfriend get a good price for this ring?

The appraisal I got for insurance reasons stated the total estimated retail value was $18,192.00 which I thought was completely ridiculous. (He gets paid according to how many carats are in ring, not based on the total amount of the appraisal.) The appraiser said he added a 50% cushion for inflation in the next 3-5 years. Is he suppose to do that?

Thanks for everyone''s help, sorry I''m so clueless!!

 

[Garry H (Cut Nut)]

That is why Insurance companies live in nice buildings - you over insure - and they get a wholesale replacement

 

[valeria101]

Whether the price is good or not I can''t know for sure - at least it doesn''t seem like you could find less expensive around here.

The critical part are the actual grades of the diamond: if it carried a major lab''s report, it would give a start for price comparison. As is, I can only assume the grades are at least as strict as GIA''s, but they could be far off. Also, the price of SI2 depends on how visible the actual inclusions are - and that I do not know.

The quality of the diamond''s cut adds to the equaltion.

For I-SI2 the (PS) price would not be better. Even J-Si2 with GIA papers would be as expensive as the entire ring (about 7k). Whether this is good news or bad depends on what your diamond actually is. If the appraiser confirmed the grades and in your opinion this diamond compares favorably with other I-Si you have inspected, further digging into detail sounds redundant though

Any chance to see a picture of this ring ? From your description it sounds amazing ! And there are aren''t too many heart shapes around here

 

[claimsjeff]

Over-evaluating or Under-Evaluating does not help you the customer. Insurers will routinely rely on your appraisal for several years (depending on their underwriting guidelines) prior to asking you to get an updated one.(at your cost) Keep in mind that your purchase is an investment and will only appreciate in value over time. Platinum, Gold, and Princess cuts especially continue to go up. If you lost your ring tomorrow, then the insurer in all liklihood will be able to replace it for the same price that you just bought it for. However, what will it cost to replace it in 1-3 yrs? Obviously, you want to have sufficent limits to cover that exposure into the future....however....you are paying a premium today on that amount.

I won''t evaluate whether 50% is fair or not...but you may want to consider at least 2-3 appraisals. Conversely, consider working with your insurance companies on getting an annual appraisal so that there does not have to be so much of a mark-up on the evaluation for the future.

This is coming from the guy in the "nice buidling" as noted above in Neenah, WI where we are supposed to get 10 inches of snow this weekend.

Jeff Mills
Vice President Claims
Jewelers Mutual Insurance Co.